Wake Forest
Baptist Medical Center released its third quarter earnings today and reported a
gain in unrestricted net assets of $37.8 million for the nine months ended March
31, 2015. This gain is comprised of an operating income of $40.2 million and
net non-operating losses of $2.4 million.

In recent
months, Wake Forest Baptist has realized significant improvements in operating
performance. Management has implemented strategies and processes to restore
financial performance and enhance existing programs aimed at providing a
value-based academic health care model with emphasis on safety, service and
quality.

Medical
Center utilization continued to improve for the year-to-date period driving total
net revenues of $1.6 billion, a 19.0% increase over the same period for the
prior year. Underlying patient revenues improved over the same period last year
due to growth in inpatient admissions, surgical cases, emergency department
visits, and other outpatient volume.

Operating
income through March was $40.2 million or 2.5% compared to prior year of -11.5%.
Operating earnings before interest depreciation and amortization (EBIDA) margin
was $148.3 million or 9.3% for the year-to-date compared to prior year of -4.3%.

Across all
entry points, patient volumes continued to improve through the third quarter. Wake
Forest Baptist generated overall volume growth with a 17.1% year over year
growth in case mix adjusted equivalent discharges (CMAEDs). Significant focus
has been placed on improving patient access and enhancing provider throughput. We
have a dedicated staff and faculty who
in the past year have not only maintained the exceptional quality that was
already present but also have worked
diligently to improve processes that make our services more available to
patients and consumers across the region. We are very proud and appreciative of
our teams for their commitment to exceptional teamwork and patient centered
care.

System
inpatient admissions increased by 11.5% compared to prior year, while operating
room cases increased by 5.8% over prior year with growth in both inpatient and
outpatient cases. The growth of the new Davie Medical Center, the expansion of ambulatory
facilities and operating room capacity management strategies primarily drove
the higher case volume. System Emergency Department visits of 118,110 represented a 7.4% increase
over prior year.

The recent
openings of several Wake Forest Baptist multi-specialty clinics and urgent care
centers in Clemmons and Davie have increased service offerings for emergent
care in the past year while effectively moving ED volume to lower cost settings
and supporting core growth. Outpatient volume has continued to show strong
growth with a 7.7% increase over the prior year.

We continue
to make key strategic investments, such as our shared services company Socius
Health Solutions, which will support health care reform initiatives and create
business and clinical efficiencies to reduce costs and best meet the needs of
diverse patient populations; and our partnership with D1 Sports Training in which, as the medical partner, we will provide premium sports medicine and sports
physical therapy/rehabilitative services to our existing patients and D1
facility members.

Wake Forest
Baptist remains a national leader in patient quality and is continuing the
transformation of its operating and cost structure to leverage the quality of
its clinical faculty and staff.

In The News

In a study published in the current issue of the journal Child Development, scientists at Wake Forest Baptist Medical Center found that teens who were engaged in civic activities were more likely than non-engaged peers to attain higher income and education levels as adults.

Disclaimer: The information on this website is for general informational purposes only and SHOULD NOT be relied upon as a substitute for sound professional medical advice, evaluation or care from your physician or other qualified health care provider.